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tv   FOX Business After the Bell  FOX Business  October 29, 2012 4:00pm-5:00pm EDT

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usually this avenue is packed with traffic. entries close rush-hour traffic usually bumper-to-bumper along sixth avenue. i have only seen it this sparse maybe a couple of times in my life. there is a lot of wind out of there. very few pedestrians. again, if there were trees, you would see them swimming. we're in a building my office on the 17th floor, sounds like a creaking old ship in a pet store. you can literally hear its way in this wind. and the brunt of the storm is not even arrived. liz: emergency vehicles, this is by building where there is a crane that has been dislodged, detached from what is expected to be the tallest residential building in new york city, when it is done it will span 90
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stories. right now 65, these are $50 million apartment and up 65 stories, the wind blows through, it is now dangling out of control but at least just settled at the moment and we have emergency crews on the scene on 57th and about seventh avenue. david: go back to that shot if you can, look at that as long as possible because you don't see emergency personnel at the top, anywhere near the top of that crane. go back to the shoc shot of thee if you can because that is sort of one of the examples we can point to of the power from the storm. it has not hit with a full force yet as we have seen about the only good thing we have to report about the storm barreling toward new york city is it will not coincide with high tide. high tide is at 9:00 p.m., five
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hours from now, the storm will come to a couple of hours before that. about three hours before it hits, that'l that will be two hs before high tide. we might have a storm surge as much as seven to eight to 9 feet. it was as high as 12 feet coinciding with the high tide. liz: hurricane cindy taking its toll on the east coast. we'll bring you the the latest on the desert storm which you come yourself contract outside our windows as this chart is up% six avenue and midtown manhattan. and how are the biggest home retail is preparing for the massive hurricane? executives from home depot and lowe's to get a look at the command centers and how they're monitoring the distribution of essential supplies. david: let's get right to it. give us today's market reaction, i want to start with jeff.
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you are not that far, about an hour and a half, big and bad right behind you, an hour and a half from atlantic city. it looks like atlantic city has already been hit about as hard as you are being hit. the city is basically flooded, atlantic city and there could be a lot of damage. what does it look like there? >> and we have a lot of flooding at point pleasant beach, david. the storm is moving much more rapidly than we first believed. as you said, before the high tide. you can see we are already getting a surge, take a look at the water surging in because we're approaching the high tide. low tide earlier today. big waves, but not that kind of surge.
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that is what is going to do the large majority of the damage out here. i don't have the wind has intensified any. closer than it was earlier, that will tell us how bad of a storm is wind up being on jersey shore. liz: jeff flock, stay right there. we will go to ocean city, maryland. steve. okay, you know what, doesn't surprise me we're having audio troubles. david: i want you to be careful of that undertow. as we take a look at that, how high up is the surf right now compared to where it was at high tide this morning about 7:00, 8:00 this morning? >> at the height of high tide we had water almost up to the cameras. try to keep the water condition on the boardwalk, so it is not
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as high as that, but looking high tide 7:14, roughly three hours away from where we are right now. so we get the storm in here in another hour and a half i think that goes a long way. liz: jeff flock will be there up and threw high tide and highly experienced in this cover and 30 hurricanes. david: what we worry about is the more experience you have, the more casual you get about this. do be careful. >> i appreciate the power of mother nature. david: we will be going back to jeff throughout the hour, right on top of the storm. liz: and the issue that matters to our pocketbook, that is your portfolio. the storm shut down trading in new york.
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nasdaq, the nymex shut down but not all the markets are closed today, but the chicago merchant mercantile exchange. larry, almost like mood lighting. did they turn off all the lights behind you? >> they did but we are separated by 800 miles of highway. we are enjoying 50 degrees sunny day but our thoughts and prayers are going out to everybody on the east coast. right now behind me obviously nobody trading today, nobody cares about trading right now. we're more worried about the storm surge in atlantic city and the one thing i will say though is it open a short time this morning and only down $4. it tells me the market is looking at a lot of issues right now, not just the hurricane but it turned out to be a lot worse than we all expect, who knows what is going to happen.
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we will find out very shortly. david: we are in the of a downturn in the market. pretty significant, not a major pullback but it was a definite trend. when these storms happen. we don't have many helpings because of the storm, the last one today zero was back in the 1800s. when there is a stoppage of trading in a down market, does the downmarket continue or will it heighten the negative trend, or what? >> the s&p 500 held this morning. right now we are starting to look in the rearview mirror at the third-quarter earnings. many of the bigger earnings are behind us, were beginning to be more macro focused. it will accentuate the trend, rising oright now the trend is .
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liz: european insurers. our stocks were not trading because the market was shut down with big names in european insurance rolled down anywhere from 1-3%. would you expect those to be the problem names when the market recovers? >> absolutely, all of the insurers will be down. big pharma as well. the refineries will not be up for a while. it will take a brunt of the action. the market will probably go with it. this is a perfect time to talk about it, nobody cares. the market has gone up for so long, positive trend still in place. it is a good time to look at the fundamentals and a time for the bottom end of stocks. david: we will go to the details
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of which ones are shut down, coupled pipelines as well are shut down, but how do you play that? >> all that said, the margins have been low to begin with and supplies in gasoline have been low the last couple of weeks anyway. it looks unsure if that trend. it expects gasoline prices to spike the next couple of weeks until this gets straightened out. liz: one month ago gas in america averaging $3.78, today averaging around $3.54 for gasoline, so obviously the prices have gone down. it is a little surprising even on electronic trading, it was $84 change today. the thing that might surprise
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people that equate hurricane behavior with higher energy prices. >> people expected the opposite. they will not be something in demand right now because refineries will be shut down, spiking gasoline prices not necessarily the crude price because we are all waiting to be delivered and will have to wait a long time. david: let's be specific about one county in new jersey that could mean a lot to what happens to the price of oil and gasoline in this country. several refineries, one is run by philips 66, one is run by new star, there is also the colonial pipeline running right through lyndon. that is going to be affected? are they affiliated with the colonial pipeline? will they be hit if the storm cut the operations?
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speak we just can't put this into perspective right now. this is something much, much bigger. we will find out in about three hours. liz: thank you very much, larry. high tide coming. david: it is now 4:00 p.m. eastern time. jeff flock told us the storm is moving faster than expected. it will hit a couple of hours before that, that is actually good news. shoppers snapping up storm preparedness, water flashlights, how are the big box retailers preparing? we will talk to representatives of home depot's and lowe's. liz: thousands were left without power. they will get to the latest figures on how many could be impacted and for how long.
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with the numbers from edison electric institute, 75 of the largest electric companies. david: and take a look at some of the companies delaying their earnings releases due to hurricane sandy. we will be showing you live pictures of ocean city maryland and a brunt of the storm as it gets there. [ male announcer ] this is steve. he loves risk. buwhether he's climbing everest,
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scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocketcience. it's ju common sense, from td ameritrade. oh, heylex. stpicking up some, brochures, posts copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop her hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty.
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liz: so for this is a picture of the last couple of hours. it is on 57th street and is a highly traffic area, not a lot of people there right now except emergency crews are flooding the area. this is the city's largest, tallest residential tower. two apartments have sold for $50 million apiece.
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and the crane is all the way up there. it will be 90 stories when it is all said and done. there is debris falling. this is right near carnegie hall. david: if we look straight up sixth avenue, the emergency vehicles at the street level of where it is, thankfully there aren't a lot of cars around that can be harmed or killed as result of this because everybody is out of town. we should also take a look at point pleasant new jersey, not far away from atlantic city. getting were atlantic city may be the first financial casualty of the storm. atlantic city about the same kind of lump you see in point pleasant beach. according to the public safety director of atlantic city, the city is basically flooded. it looks like it will be worse
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than the storm of '62, which was monumental. that is the situation in the city and areas surrounding it. members of the two against retailers in the country to see how they are preparing for hurricane sandy. home depot offering 24/7. liz: joining us now, doug spiron. give us a sense how the operations are going here. are you still selling to people who may need emergency supplies? >> we have 75 stores close as a result, authorities are mandating that. 55 locations are currently closed down. david: what do people need most right now? >> is always the flashlights, batteries, things you want to prepare yourself with before the storm actually hits. david: a lot of people didn't
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take it seriously enough and this is when people are going out. what do they need? >> i was so focused most same items for the supplies. liz: generators are always in short supply. it was about two nights ago i saw local news reports where they were all sold out, companies in the other stores in new jersey, what is your supply situation like? can you get more in tomorrow when the storm passes? >> absolutely. the ones are already gone. but trucks are staged outside the city, distribution centers throughout the area and as soon as we can use the trucks tomorrow we will get supplies back into the stores. david: are you closing stores? >> yes, 55 are already close and you could be and more.
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liz: two different sets of items that people really need, what are the big cleanup items you expect to be selling? >> chainsaws, generators, tarps, chainsaws will be a big part of that and supplies to keep water, batteries, flashlights as the power is out. david: a lot of people using these items particularly chainsaws are not that experienced with these items. i am sure you give them warnings but i'm sure some of those warnings are not heeded. >> we will give the public as they come in the instruction on how to properly use the generators, chainsaws, things like that to get the maximum benefit and don't hurt themselves. liz: your ceo is on the program a couple weeks ago and was very
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serious i would imagine this only makes things more intense at home depot. thank you so much for joining us. >> thank you for having us. liz: doug spiron. now let's take a look at what products have been flying off the products at lowe's. how they are working to restock. david: joining us now is lowe's, lowe's operations senior vice president. how many of you are stores are you keeping up and how many clothes? >> we have about 30 stores right now that are closed and we expect to have somewhere around 60 or just above by the end of the day that will close early. liz: let's talk about pricing, do you make any changes to pricing was that looke at look e gouging? >> definitely is not. we lock down our prices anytime we have a major event like this, we do not have any price increases for many weeks after
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an event. david: where is the inventory kept? a lot of people run out of water supplies, where do you keep the inventories for those stars that runoff? >> we have been fortunate able to get product quickly to the stores for those areas. there is tremendous demand for all the products, generators, water and much of this coming directly from our suppliers. liz: generators are complicated pieces of machinery. what is the price on your simplest generator? >> around $400. we have very few left, some scattered about what we're working feverishly to find more and get them out to our stars as quick as possible. david: what about gasoline for the generators being sold now? some sell gasoline perhaps
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filling stations associated with the stars themselves. >> we do not have gas stations or do we sell gas. liz: terry johnson, lowe's store operator senior vp. thank you. david: hurricane sandy continues to intensify and is now the largest atlantic hurricane in terms of geography in the past quarter of a century. the latest on a path of destruction and where it is expected to make landfall. liz: thousands without power in the financial capital of the world, new york city. we're talking to con edison and how long it could last and who is impacted the very most.
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david: you're looking now at pictures from atlantic highlands, new jersey. this is south new jersey. sometimes confusing. it will hit the land at a certain time. well the eye of the storm, obviously the brunt of the storm in many cases is already hit. we have a high tide coming in about 4 1/2 hours right now. a couple of hours before that is when the eye, the traditional eye of the storm will hit land. thankfully those two things don't coincide. that surge which is already expected to be nine feet could be even higher if they did coincide. liz: look at the speed the water is moving. we want to let you know the wind at the eye of this hurricane are at 90 miles an hour. it is moving slowly northwest at 28 miles an hour.
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the expectation it will hit around 6:00 p.m. for that big full force at the moment. you can see reporters are only ones out there braving it. david: hurricane sandy as we ends ined knocking out power for thousands, perhaps hundreds of thousands along the east coast. liz: let's get the very latest. joining us is con-ed's spokesperson person. sara, give us the numbers. where and when are the power outages we're seeing? >> we serve 2.3 million customers in new york city and westchester county. we're seeing approximately 50,000 of our customers that are without power due to this storm. david: what is causing the power loss? is it wind? is it water? what is it exactly? >> at this time we're seeing high winds are impacting our overhead equipment which is leading to most of the outages at this time. liz: let me clarify, you said westchester county mostly? >> it is a mix between westchester county and also our customers in staten island are being impacted right now. liz: well at least in west
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customerster you're looking at long island sound that. is huge issue. if you look at overhead map it is a finger that extends in between two land masses. the water comes in from the atlantic ocean and just piles up. that causes extreme flooding which causes outages. david: sandy, excuse me, sarah, how long will it take for the outages to be fixed? is it just a matter of downed power lines or what? >> we anticipate some outages may last several days i want to assure customers we have thousands of employees that have been and will continue to work around the clock to make sure that the impact on their service is minimized. liz: okay. here's the issue. how many workers do you have coming in? we've been hearing repprts that some utilities are i mr. ing in people as far as away as washington state to help out? >> that's correct. we've been working with our arters in throughout the u.s. to, as well as our other utilities in this area to make sure we have the
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right personnel to be out there to minimize the impact on our customers. we have several hundred at this time that we're, we, we'll continue to make sure that, we minimize the impact on the system. david: sarah, i'm just trying to get a sense here of why it is that so many power, so many power outages have occurred as of this moment. we're told that some of them are preventative. that is, before some of these transformers get hit by too much rain and begin to spark and create dangers because of the electricity, maybe you decide to turn them off. are these, are some of those outages stuff that is you have actually been responsible for to prevent for damage? >> at this time the majority of outages have been caused by the weather, by the wind, by the rain. what we talk about when we talk about preventative outages, that mainly is
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going to, it may effect the low-lying areas in certain parts of new york city. what that means essentially, if we see waters rise and may have have an impact on our equipment we in turn would make the decision to possibly turn off the equipment before the water comes in. so at this moment, a decision has not been made of when or if we're going to shut down power to certain parts of manhattan. liz: thank you, sara, very much. sara banda, con-ed spokesperson. you leave live wires running around in water that's a real problem. david: we've seen folks in those areas most affected by this storm, the a areas, the areas around the hudson river and east river, they have already been shutdown of the the electricity is shut down to prevent any kind of damage from happening. it is not bad equipment. it is a decision by con-ed. liz: we're tracking hurricane sandy's every move as it barrels towards the northeast. we'll bring you the latest live from the weather center. that's next. david: we'll talk to two top
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market strategists what these storms could mean for the markets and your portfolio. all that is coming up next. from currenctrading for a few to a currency market for everyone. the potential of fxcm unlocked.
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david: we have breaking news here. this is very big. of course manhattan is an island. it depends on bridges and tunnel to get in and out of island. so far we've gotten word as of 7:00 p.m. it night the major bridges going in and out of manhattan will be closed. that include the george washington bridge, perhaps the most famous of all those spans. thing froms neck bridge, the bronx whitestone bridge verrazano narrows bridge, henry hudson bridge. virtually all bridges responsible for taking people in and out of manhattan will be closed at 7:00 p.m. tonight. liz: this is highly
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unprecedented. you do not see this. the last time the g.w. bridge was closed was back on 9/11. we'll keep an update. 7:00 p.m. should allow people to get over to new jersey or other parts they need to get to. hurricane sandy slowly making its way onshore bringing inches of rain, 90 plus mile-an-hour wind and flooding. david: let's head to janice dean on at the fox weather center for the latest track on the storm. go ahead, janice. >> we'll get a new track as of 5:00 p.m. and they will advise us every hour. we're close to landfall, possibly landfall within the next hour or so, in and around the cape may area, southern new jersey. but the worst of the storm will come north of wherever the center comes onshore. new york city, long island, southern connecticut, delaware bay, you are all in line for perhaps record storm surge for this area. this is the latest track. we are expecting a hurricane to make landfall across
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southern new jersey sometime within the 5:00 p.m. hour. then it will really kind of slowdown. right now moving northwest at 28 miles an hour. it is moving quickly. that's why we see earlier landfall time. it will take its time as it interacts with an upper level low, a cold core low. we will continue to exceed gusty inds with, 70 miles an hour, wind gusts. these are isobars. they're very tightly packed. this will represent gusty winds in excess of 50 miles an hour. we think in some cases 100 mile-an-hour wind and some of this could be sustained. we think southern new jersey, a landfall within the next or so. the worst of the storm surge, that is that wall of water that comes with counter clockwise wind, ocean water being pushed upon long island, long island sound, delaware bay, really worst-case scenario. millions upon millions of people live here. we'll see millions upon
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millions people without power, possibly weeks. david: janice dean, thank you very much. liz: we have breaking news as well. updates on trading floor operations. the nymex down in lower manhattan again will be closed tomorrow. no trading on the lower manhattan trading floor for the nymex. that of course is crude oil. the commx is there as well. they trade gold there. that is not happening at all. all u.s. based equity markets, stock index futures will open this evening at 5:00 p.m. central time for the trading day of 10/30. nine 15 a.m. eastern time tomorrow morning. that is the futures market. that will of course happen. we know we will not see the new york stock exchange trading. david: no. new york stock exchange and nasdaq will be closed they were closed all day today and tomorrow as well due to hurricane sandy d that does not mean you shouldn't pay attention to your portfolio. liz: with us, gary rand, founder and chairman of
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calimus partners and ryan dietrich schaeffer invests. you can take this one. people might be antsy here and into insurance companies and want to dump them. they can not until they open or even globex trading because they shut down electronics too. >> that's right, liz. that is the big problem with all this. the reason we've been dropping last couple weeks is uncertainty. now we had a election look like obama was going to win. now mitt romney is surging. we're talking about all day today watching tv with issues with the weather. the bottom line you can't trade like you said for a couple days. uncertainty continues to creep up. until we get through the election we wouldn't be shocked at all volatility downward trend would continuers let's go to gary. gary one of your picks is apple. there was a tremendous downwind on apple before after the earnings and started slightly before the earnings. looks like it will close below 600.
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would you still with uncertainty the two nontrading days in the work week would you still go for apple on wednesday? >> absolutely. apple is largely unaffected by two days or closure of retail stores. online activity probably remains strong. apple at these prices roughly 10 times next year's earnings we think looks cheap. david: even with the downdraft we've seen over the past week? >> we're buying stocks, not the market. and apple's pulled back much further than the markets over the past few weeks and we think it is a good entry point here around the $600 level. liz: ryan, you're liking the housing sector at the moment. the two names you like is lennar and you also like d.r. horton. some of these have had significant run-ups. do you see that continuing by how much? is it too late to continue getting in these names? >> we don't think, liz. housing yes it had a great run. it did sell off late last week but when you look at
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lot of names see continuing puts. puts are bearish bets in the options market and increased short interest. we have price action on housing names. buy expectations. do not buy evaluations. expectations are still low. liz: why those two names? kb homes has been a real winner and frankly hovnanian has looked very healthy? >> that is great question. we like the entire sector. right now on those two names specifically they seem to have the most puts coming in. lennar has very big short interest on it. that's what we like to see. all in all you could buy a basket of housing stocks and we think you should outperform before the year is over. david: gary, financials, is roller coaster market. no stock better exemplifies that than jpmorgan. you like jpmorgan. why? >> i think jpmorgan roughly eight times earnings is relatively inexpensive stock. i think it has a great franchise. businesses it's in are strong. we look for a rebound next
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year of investment banking and interest rates rise we'll get increase in net interest march inif and traditional banking business will contribute to profits at these levels eight times earnings we think it is relatively inexpensive. david: gary, ryan, thank you gentlemen for coming in on this very busy day. >> thank you. liz: thousands are without power across new york, new jersey, maryland and connecticut. this is at the heart whether businesses get back up and running. many are publicly-traded and you may own their stocks. how bad will it get and how long will power outages last? we will talk to edison institute. they have a track on 75 of the largest utility companies.
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>> i'm adam shapiro with your fox business brief. the new york stock exchange and nasdaq have announced they will be closed for a second day tomorrow as a result of hurricane sandy. both exchanges say they plan to reopen wednesday weather permitting. meanwhile the cme says stocks index futures will reopen tonight before closing tomorrow morning. td ameritrade topped expectations with its fourth quarter results. the firm reported a profit of 26 cents a share on revenue of $647 million. td ameritrade boosted quarterly dividend 50% to nine cents a share. personal spending rose more than expected in september rising 0.8%. economists looking for a gain of 0.6%. income was right in line with expectations an increase of .4%. that's the latest from the fox business, giving you the power to prosper
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liz: folks, more than 600,000 residents of new york tri-state area, connecticut, new jersey, and new york are experiencing power outages and could be without electricity for up to seven to 10 days. david: david owens, vice president at edison electric institute. david, thank you for coming in. power plants, we all know a lot of power lines are down and some transformers are down. what about entire power plants? are any of those at risk? >> yes. they could be at risk. right now that is very difficult to assess to what degree they will be at risk. as you know we haven't met the peak of the storm yet. we will have a better assessment after the storm passes over our area. it is anticipated we could lose some power supply facilities as well. liz: talk about your organization. you work with 75 major awe too title -- utility
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companies that equal 75% of the industry. what are you speaking about with them? do you have coordinated efforts? when it comes this type of situation do you throw your competitive spirit down and work together. >> we certainly do. we have mutual assistance program which has been in place since 1955. very simply put, what it means when a utility experience as major storm other utilities which are not affected by the major storm helped their crews. they lend their linemen. they lend their personnel. they can assess the damage. they lend their tree trimmers. so that they can assist that utility to restore service much more quickly. it's a program that worked extremely well over many, many storms. there are nonmutual assistance groups throughout the united states. my organization has the responsibility of coordinating those efforts. david: david, we have nuclear power plants around new york. the one at indian point has been at the center of controversy for a while.
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has that been shut down and if not why not? >> no, that plant has not been shut down. in fact i would say the nuclear power plants are very, very safe. they can with stand direct impacts from aircraft and so forth. so a storm of this magnitude should have no impact at all on the nuclear power facility. >> let's talk about how you're getting utility workers in. some are coming as far as away as canada, even mexico. >> that's right. liz: what kind of difference will that make getting power up and restored? can that help? >> it will make a tremendous difference because many companies, as an example our local utility here, potomac electric power company, has requested 3700 people from other parts of our nation to assist their restoration efforts. they're anticipating it. we're getting personnel from as far west as washington state which i think is good. many of the crews are getting on airplanes and are manying here to assist the
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restoration efforts. they are linemen. they understand the business extremely well. we'll wait until after the storm has passed over. we'll assess the damage. while we're assessing the damage many of the crews will be put to work. they will augment of workforce of existing utility infrastructures. david: david, there are a lot of old power plants in new york as well. some even dating back to the late 1940s. are those, are any of them to be taken off-line in order to make sure they don't blow out? >> no. i don't believe that, i'm not as concerned about the power supply facilities. what generally we're concerned about are tree limbs that get in the way of electric lines and they fall in the way the electric lines take out the electric service. we're concerned about some flooding in the coastal areas. we may have underground transformers which are devices that are used to help us maintain electricity. we're concerned that there could be some flooding to disable those facilities.
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we're concerned as well that there could be some large lines that carry a lot of electricity. our transmission lines. that could also be affected by heavy winds, sustained heavy gusts of wind but we're not really troubled about power supply facilities. it is basically our transmission, our transformers, our delivery system. our energy delivery system, that traditionally has been the part of our system that has suffered. liz: david owens, edison electric institute executive vice president. we thank you so much for joining us. >> thank you for having me. liz: jpmorgan is announcing it is closing all of its branches in the tri-state area, new york-new jersey and of course connecticut. jpmorgan simply shutting down business at least for tomorrow. david: in fact the city is essentially shutting down. that can be said particularly of a the announcement most if not all the bridges leading into and leaving new york city are being shut down as of 7:00 p.m. this evening. hurricane sandy shaking
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up more than the east coast states. with only eight days he have president presidential election this storm could affect the national results. our own peter barnes with some details on that. bob...
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oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can'tet 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no ne to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners.
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david: presidential candidates efforts are being scaled back today due to hurricane sandy as both campaigns are alter iting their schedules. liz: peter barnes live at the white house with all the latest on this. peter? >> that's right, david and liz, the hurricane has blown the both the obama and romney campaigns off occurs tomorrow. the president skipping and canceling campaign events tomorrow. returning to the white house here this morning to meet with his emergency response team in the white house situation room at to oversee emergency response to the storm. afterwards he have brooed reporters who asked him if he is worried about the storm disrupting the election next week? >> i am not worried at this point about the impact on the election. i'm worried about the impact on families and i'm worried about the impact on our first-responders. i'm worried about the impact on our economy and on transportation. i know, the election will take care of itself next
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week. >> governor romney also canceling campaign events in wisconsin, virginia and new hampshire out of sensitivity to the situation today and tom. -- tomorrow. liz and david. liz: thanks very much, peter. we'll look at ocean city, maryland. it is currently getting inundated with waves. ocean city, we're told the waves are crashing over the bulkhead on the western side of the city. high tide, 8:00 p.m. again you can see how rough the weather is there. no injuries or deaths reported just yet. david: let's go a little north to point pleasant, new jersey, not far from atlantic city. give us a shot of that if you can. 600,000 people are now without power in the tri-state area i invest in what i know. i turned 65 last week. i'm tting married. planning a life. there are risks, sure. but, there's no reward without it. i want to be prepared for the long haul. i see a world bursting with opportunities. india,
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